According to the report, the global brominated vegetable oil market was valued at around USD 2,498.79 million in 2017 and is expected to reach approximately USD 3,704.44 million by 2024, growing at a CAGR of slightly above 5.8% between 2017 and 2024.

New York, NY, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Brominated Vegetable Oil Market by Source (Soy and Corn), by Application (Beverages, Bakery Products, Pesticides, and Flame retardant): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, the global brominated vegetable oil market was valued at around USD 2,498.79 million in 2017 and is expected to reach approximately USD 3,704.44 million by 2024, growing at a CAGR of slightly above 5.8% between 2017 and 2024.

Brominated vegetable oil (BVO) is prepared by using naturally occurring bromine (seawater) and triglyceride extracted by soy and corn plants. During the bromination reaction, the triglyceride forms a bond with a bromine molecule, resulting in brominated vegetable oil (BVO).

Brominated vegetable oil is a food additive used for emulsifying citrus flavoring agent and soft drink or sports drinks. In certain regions, the use of BVO is regulated owing to its harmful effects on the health; this factor is expected to limit the growth of the market in the coming years.

The growth of the brominated vegetable oil market is expected to be moderate in the coming years the since the excess use of BVO is not safe. The Food and Drug Administration (FDA) originally categorized BVO as "generally recognized as safe". This decision was later reversed by the agency. Now, under certain conditions and on an interim basis pending more research, the FDA allows BVO to be used as a food additive. In the U.S., use of brominated vegetable oil is regulated by the U.S. FDA. The FDA states that BVO can be used up to 11 pmm by the beverage industries. Excess use of BVO in the beverage may lead to ptosis of right eyelid, fatigue, loss of memory, tremors, loss of muscles coordination, and headache.

A major restraint for the growth of the global brominated vegetable oil market is its harmful effects. However, increasing applications of BVO and further innovations are expected to provide many opportunities for the key players operating in the global brominated vegetable oil market. The global brominated vegetable oil market can be segmented on the basis of applications into bakery products, beverage, and pesticides. The beverage segment is expected to be the most dominating segment of the global brominated vegetable oil market and is expected to maintain this trend over the forecast period. Increasing application of BVO in beverages coupled with the growing consumption of beverages across the globe is expected to drive the demand for brominated vegetable oil in the forecast years.

North America is expected to witness considerable growth in the brominated vegetable oil market during the forecast period. The extensive usage of beverages in the region is the major driving force for the growing demand for brominated vegetable oil in North America.

In terms of volume, Asia Pacific is the second largest region which dominated the brominated vegetable oil market during 2017. This can be attributed to the huge demand for beverages in the developing regions of India, China, etc. These two regions account for a significant share of the global population and this factor is expected to upsurge the demand for brominated vegetable oil in the Asia Pacific during the forecast period. Moreover, the usage of brominated vegetable oil in the production of bakery products is expected to further fuel the demand for brominated vegetable oil in the Asia Pacific.

The Middle East & Africa and Latin America are expected to witness sluggish growth in global brominated vegetable oil market during the forecast period. The beverage industry is expected to be the most dominant application of brominated vegetable oil market in these regions.

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